Promontory’s chairman in the United Kingdom is Sir Callum McCarthy, former chairman of the U.K. Financial Services Authority. He is supported by a strong team of former senior regulators and experienced industry practitioners and is also able to draw on Promontory colleagues from our other global offices, to advise clients on the implications of a rapidly changing regulatory environment and support them in responding to it.
Promontory is particularly well-equipped to assist companies adjusting to the U.K.’s Twin Peaks regulatory model and Europe’s growing importance as policymaker. The team covers all financial sectors, including universal, retail, and investment banks, retail and wholesale insurance companies, asset managers, brokers, and hedge funds. Promontory’s well-regarded Global Privacy & Data Protection Practice is headquartered in London, and has assisted many firms in responding to increasingly strict data protection requirements in the U.K. and Europe.
Promontory’s London team has successfully completed numerous engagements across a wide range of disciplines and has cultivated a portfolio of clients that validate our performance by giving us their toughest assignments. Notable work has included the development and delivery of bespoke training, and assisting clients through or undertaking reviews required by regulators (S166s, past business reviews, etc.) in the following areas:
- Helping clients with the senior managers’ regime being implemented by U.K. regulators.
- Assisting clients in the consumer-credit sector with the authorization process and the heightened regulatory expectations set out by the Financial Conduct Authority.
- Preparing senior management teams for Supervisory Risk Assessments (Financial Conduct Authority and Prudential Regulation Authority), Business Model Reviews, and Approved Person interviews.
- Helping firms prepare for supervisory interactions on ad hoc topics, including prudential and conduct issues. Recent prudential examples include capital planning (including ICAAP preparation), liquidity management (including ILAA preparation), and stress-testing reviews. Recent conduct examples include financial promotions, quality of advice, sales practices, claims handling, and complaints handling.
- Reviewing the structure and effectiveness of critical control contributors, such as governance (including board effectiveness reviews), enterprise risk management, compliance, and internal audit functions.
- Providing high-level insight or deeper portfolio reviews for aspects of credit, market, operational, and other risk classes.
- Assisting in the development and execution of a wide range of financial crime related topics, including anti-bribery and -corruption, anti-money-laundering, sanctions, and market abuse.
- Developing data protection governance strategies and helping firms put in place programs to deal with personal data security breaches, complaints, investigations, and audit requests.
- Helping firms prepare their recovery and resolution planning — at the national level and as part of a global plan.
- Providing insights into regulatory developments in the U.K., European Union, and United States, enabling clients to develop appropriate national and global regulatory strategies.
- Assisting clients in understanding the regulatory impact of potential business acquisitions and restructurings — in an advisory capacity or by performing specific work (e.g., ensuring data protection obligations are met in respect of third-party due diligence, monitoring, and controls).